Should you buy euros/dollars now before the general election?

MSE_Eesha
MSE_Eesha Posts: 162 MSE Staff
First Anniversary Combo Breaker I've been Money Tipped! Newshound!
in Martin's blogs & appearances & MSE in the news
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.


Read Martin's "TShould you buy euros/dollars now before the general election?" Blog.


Please click 'post reply' to discuss below.

Comments

  • robinh
    robinh Posts: 4 Newbie
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  • phillw
    phillw Posts: 5,593 Forumite
    First Anniversary Name Dropper First Post
    dastep wrote: »
    Why gamble on what the exchange rates are going to do.

    You can't help it. If you buy euros now or buy them after the election then you're gambling. We're all here on MSE to save money & when you buy them is likely to save money.

    The 50/50 split where you buy half now and half closer to your travel date, mitigates the risk a bit. You could still end up missing out due to short term blips, but at least you won't get the "why did you buy them then when everyone knew that was the stupid time to buy them".

    If you're a full blown MSE and earning interest on the money & you buy now, if there is no crash then you've still lost money. If conservatives get back in then there is no change and so sterling will probably stay pretty much the same, if conservatives don't get in then there may be a period of instability which will probably result in a loss in sterling.

    I'd watch for sterling trends in the run up to the election and try to catch the peak and buy all of it.
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